7 Best Crypto Exchanges in Canada for 2024

We’ve gathered a list of the best crypto exchanges in Canada. The importance of selecting a reputable crypto exchange is not underestimated regarding safety and efficient trading.

The latest regulatory changes have strengthened the importance of ensuring compliance with strong security measures by exchanges.

This guide explores leading exchanges so that you can make informed choices as this environment develops.

The best crypto exchanges in Canada

We are reviewing the best crypto exchange for Canadians to consider in 2024. Below is a detailed list of the exchanges you may choose from.

1. Coinbase: Best for beginners due to its user-friendly interface and wide coin selection

Coinbase Canada is a leading cryptocurrency exchange platform operating in the Canadian market. Its subsidiary has gained prominence as part of the global cryptocurrency giant’s expansion efforts.

Coinbase Canada excels at bridging the gap between traditional finance and the cryptocurrency world.

Its seamless fiat-to-crypto conversion process makes it accessible to many users, from those looking to invest a small amount to more substantial investors. This ease of entry is a key factor in its popularity.

Coinbase overview

Coinbase Canada is a cornerstone in the Canadian cryptocurrency landscape. It acts as a secure and user-friendly gateway for investors of all experience levels.

Its intuitive platform empowers newcomers to navigate the world of digital assets confidently, with clear menus, straightforward buying and selling processes, and a wealth of educational resources that break down complex concepts into easily digestible pieces.

Coinbase Canada’s commitment to user education extends beyond written materials. It offers video tutorials and webinars that delve deeper into specific cryptocurrencies, trading strategies, and overall market trends. Seasoned traders, on the other hand, will find a respectable selection of cryptocurrencies to add diversity to their portfolios.

While Coinbase Canada might not boast the most extensive library of digital assets compared to some exchanges, it prioritizes offering established and reputable cryptocurrencies through its listings, fostering a sense of security for investors.

However, it’s important to note that fee structures might be steeper than some competitors, so cost-conscious traders may want to explore other options.

Coinbase Canada became a Restricted Dealer in April 2024, making it the largest registered cryptocurrency exchange in the country.

Number of Cryptocurrencies	250+
Payment Methods	Bank transfer, Debit card (No Credit Card or PayPal)
Trading Fees	Maker: 0% and 0.40%, Taker: 0.05% – 0.60%
Customer Service Options	Primarily online resources and email support
Regulations	FINTRAC
KYC Required	Yes

2. Kraken: Best for advanced traders seeking deep liquidity and trading tools

Kraken is a top pick for advanced traders due to its robust trading platform, deep liquidity, and wide range of cryptocurrencies.

It is a seasoned cryptocurrency exchange with a strong foothold in Canada. Renowned for its robust trading platform and deep liquidity, it caters to novice and experienced traders.

Offering a wide array of cryptocurrencies and advanced trading tools, Kraken prioritizes security and regulatory compliance.

Kraken overview

Kraken, a veteran in the cryptocurrency exchange scene, has established a powerful presence in Canada.

Renowned for its innovative listings, robust trading platform, and deep liquidity pools, Kraken is a haven for seasoned traders who can leverage an arsenal of advanced features for in-depth market analysis and strategic execution.

From charting tools that unveil hidden trends and identify potential entry and exit points to technical indicators that forecast future price movements and gauge market sentiment, Kraken empowers traders to make informed decisions and confidently navigate market volatility.

This extensive toolkit doesn’t stop there. Order types catering to various trading strategies, margin trading for experienced users seeking to amplify returns (with limitations for Canadian residents), and real-time market data keep traders at the forefront of the ever-evolving crypto landscape.

However, it’s important to acknowledge that the platform’s interface, geared towards advanced users, might be daunting for beginners who are just starting their crypto journey.

Cryptocurrencies	260+
Payment options	Bank account Transfer, Debit Card, Credit Card (Not available in all regions)
Trading Fees	Kraken Pro: Maker fees start as low as 025%, taker fees start at 0.40%. Instant Buy: 0.9% for stablecoins, 1.5% other cryptos
Customer Service Options	24/7 Support via Email and Live Chat.
Regulations	FINTRAC (Registered)
KYC Required	Yes

3. Bitbuy: Best for Canadian users with fast deposits, withdrawals, and strong security

Bitbuy is the top pick for Canadian crypto newcomers due to its user-friendly platform, strong security, and seamless integration with Canadian banking.

Bitbuy is a leading Canadian cryptocurrency exchange platform renowned for its user-friendly interface, robust security measures, and focus on Canadian investors.

Since its launch in 2016, it has grown significantly, becoming Canada’s first approved cryptocurrency marketplace in November 2021 and amassing over 375,000 users and $4.4 billion in transaction volume.

Bitbuy overview

Bitbuy stands out as a reliable and accessible crypto exchange tailored for Canadians. Its clean interface and straightforward navigation make newcomers to digital currencies easy.

Bitbuy has established itself as a reliable and trusted cryptocurrency exchange in Canada, making it a solid platform for Canadian investors looking to enter the crypto market.

The platform is committed to user experience, as evident in its recent improvements. For instance, they added a real-time news feed to keep users informed, a “top gainers and dippers” feature to help identify trading opportunities, and implemented various performance enhancements for a smoother overall experience.

However, if you require a wider selection of cryptocurrencies or advanced trading features, you might consider exploring other options.

Cryptocurrencies	20+
Payment options	Interac e-Transfer, Wire transfer (CAD only)
Trading fees	Express Trade: 0.5% – 2% spread Pro Trade: Lower spreads (variable)
Customer service	Email, Live chat (limited hours)
Regulation	Registered with FINTRAC
KYC required?	Yes

4. Coinberry: Best for a simple, low-fee crypto buying and selling experience

Coinberry offers a localized experience tailored to the needs of domestic crypto investors. Its user-friendly interface and seamless navigation contribute to a positive overall user experience.

It is a prominent Canadian cryptocurrency exchange platform established in 2017. It has positioned itself as user-friendly, particularly for those new to the world of cryptocurrencies.

Coinberry overview

Coinberry is a welcoming entry point for individuals new to the cryptocurrency landscape. Its core strength lies in simplifying the often complex world of digital assets. The platform’s intuitive interface and clear, concise information make it accessible to users without prior crypto experience.

Rather than overwhelming newcomers with an array of advanced trading tools and cryptic jargon, Coinberry focuses on the fundamentals of buying, selling, and holding cryptocurrencies.

This beginner-centric approach is evident in Coinberry’s educational resources, which are designed to equip users with the knowledge necessary to make informed decisions.

While this simplicity might limit the platform’s appeal to seasoned traders seeking advanced features, it undoubtedly benefits those taking their first steps in the crypto market.

By prioritizing ease of use and security, Coinberry has established itself as a reliable platform for Canadian investors looking to explore the world of digital currencies.

While Coinberry’s focus on simplicity is commendable, it’s essential to note that the platform’s offerings may be relatively limited compared to more comprehensive exchanges. For instance, the range of supported cryptocurrencies might not be as extensive, and advanced trading tools are notably absent.

Cryptocurrencies	25+
Payment options	Canadian dollars (CAD) deposits and withdrawals via Interac e-Transfer and wire transfers
Trading fees	Varies by transaction type
Customer service	Email and live chat support
Regulation	Registered with the Ontario Securities Commission (OSC) and FINTRAC
KYC required?	Yes

5. Netcoins: Best for those prioritizing low fees and a wide range of supported cryptocurrencies

Netcoins offers a seamless user experience catering to novice and experienced investors. Its straightforward platform and essential features make cryptocurrency trading accessible to many users.

Netcoins was established in 2014. While it initially operated as a virtual Bitcoin ATM provider, it has since expanded its services and become a complete cryptocurrency exchange.

Netcoins overview

Designed primarily for beginners, the platform offers a straightforward on-ramp into the world of digital assets. Its intuitive interface and clear layout make buying, selling, and holding cryptocurrencies accessible to many users.

While Netcoins excels in providing a secure and simple trading environment, it might fall short for experienced traders seeking advanced features, such as margin trading or a vast array of trading pairs.

Netcoins’ commitment to regulatory compliance is evident through its registration with the British Columbia Securities Commission (BCSC).

This adherence to industry standards instills confidence in users regarding the platform’s security measures and operational transparency.

However, it’s essential to note that the platform’s primary focus on simplicity might limit its appeal to those seeking sophisticated trading tools or a deep liquidity pool.

Cryptocurrencies	35+
Payment options	Interac e-transfer, Bank wire, Cryptocurrency deposits
Trading fees	0.5% (Trading fees)
Customer service	Email and Phone support
Regulation	FINTRAC, Canadian Securities Administrators (CSA, BCSC
KYC required?	Yes

6. NDAX: Best for security-conscious Canadians with robust compliance and insurance

NDAX impressed us with its combination of factors catering to the Canadian crypto market.

First, its reliable performance ensures a smooth trading experience, minimizing disruptions and missed opportunities.

Second, NDAX offers competitive pricing structures, including low trading fees, to help Canadian users maximize their returns.

NDAX is a prominent cryptocurrency exchange positioned as a user-friendly platform; it has carved a niche by offering a comprehensive suite of services tailored to novice and experienced crypto investors.

NDAX overview

It’s not hard to see why NDAX is considered one of social media’s most favored crypto exchange platforms.

NDAX’s intuitive interface and clear design make buying, selling, and trading cryptocurrencies easy, while informative resources and helpful customer support empower users to make informed investment decisions.

While NDAX may not boast the most advanced trading features compared to some of its competitors, it delivers a straightforward and reliable trading experience for newcomers and seasoned investors.

NDAX’s commitment to regulatory compliance goes beyond simply following the rules. The exchange actively works to stay ahead of evolving regulations in the Canadian crypto market, providing users with a safe and trustworthy trading experience.

This commitment is particularly appealing to risk-averse investors who prioritize security and stability.

Cryptocurrencies	40
Payment Methods	Primarily supports Canadian dollars (CAD) through Interac e-Transfer, EFT, and wire transfers.
Trading Fees	0.2% (Trading fees)
Customer Service	Email, phone, and live chat.
Regulation	FINTRAC and Revenue Québec
KYC Required	Yes

7. ShakePay: Best for those seeking instant crypto purchases and a rewards program

ShakePay shines as an excellent entry point for newcomers to the crypto world. Its user-friendly interface and straightforward approach make it an ideal platform to start your crypto journey.

ShakePay is a Canadian cryptocurrency exchange platform that has gained significant traction for its user-friendly interface and focus on security.

Founded in 2015, the platform has grown to serve over 1.3 million Canadians, offering a range of cryptocurrencies for buying, selling, and trading.

ShakePay overview

ShakePay is a Canadian cryptocurrency exchange that has established itself by prioritizing simplicity and accessibility. Designed for beginners, the platform offers a clean, intuitive layout that effortlessly guides users through the crypto buying and selling process.

One of ShakePay’s standout features is its Shake and Earn program, which allows users to accumulate small amounts of Bitcoin by simply shaking their phones. This gamified approach to crypto investing is a fun way to introduce newcomers to digital currencies and even pay with Bitcoin.

ShakePay is great for beginners, but advanced traders may miss some desired features. Other platforms may provide more advanced tools and options for those exploring crypto trading more deeply.

As one of Canada’s earliest and most established cryptocurrency platforms, ShakePay has played a pivotal role in increasing crypto adoption.

Cryptocurrencies	Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)
Payment options	Interac e-Transfer, Debit card purchases
Trading fees	1.25% on BTC-to-CAD, CAD-to-BTC
Customer service	Email, Live chat (limited hours)
Regulation	FINTRAC and Revenue Québec
KYC required?	Yes

Crypto exchanges compared

Exchange	No. of Cryptos	Funding	Trading Fees	Support	Regulation	KYC
Coinbase	250+	Debit/Credit cards, bank transfers, wire transfers	Maker: 0% and 0.40%, Taker: 0.05% – 0.60%	Live chat, email, phone	FINTRAC	Yes
Kraken	260+	Bank transfers, wire transfers, crypto deposits	Kraken Pro: Maker 0.25%, taker 0.40%. Instant Buy: 0.9% stablecoins, 1.5% others.	Email, ticket system	FINTRAC	Yes
Bitbuy	20+	Debit cards, bank transfers, Interac e-Transfer	Express Trade: 0.5% – 2% spread Pro Trade: Lower spreads (variable)	Live chat, email	FINTRAC, MSB	Yes
Coinberry	25+	Debit cards, Interac e-Transfer	Varies by transaction type	Email, live chat	FINTRAC	Yes
Netcoins	35+	Bank transfers, wire transfers, Interac e-Transfer	0.5% (Trading fees)	Email, phone	FINTRAC, MSB	Yes
NDAX	40	Debit cards, bank transfers, Interac e-Transfer	0.2% (Trading fees)	Live chat, email, phone	FINTRAC, MSB	Yes
ShakePay	3	Debit cards, Interac e-Transfer	1.25%	Email, in-app support	FINTRAC	Yes

Writer’s note:

• Trading fees vary significantly based on transaction type, volume, and other factors. Also, cryptocurrency regulations and fees can change rapidly.
• Payment methods: Some exchanges offer additional payment options or have specific limitations for particular methods.

What should you consider when choosing a cryptocurrency exchange?

Here are some important factors you should remember when choosing a crypto trading platform:

1. Your investment goals: Different platforms cater to different trading volumes and styles, so there should not be a one-size-fits-all approach here. Are you seeking low fees, high liquidity, fast order execution, or accessible customer support?
2. Supported cryptocurrencies: What coins are available for purchase or sale on the platform?
3. Trading fees: These fees differ from one exchange to another. If you trade often, you may want a market that offers competitive rates.
4. Security measures: Look for exchanges with high-security standards, such as two-factor authentication or cold storage options, which offer maximum protection against loss or theft due to hacking or other vulnerabilities.
5. Customer support: Does it have customer service that could address problems if any arise?
6. Ease of use: Looking at the user interface, would it be considered beginner-friendly? i.e., is the user interface easy to understand and navigate?

Our Methodology

Our rating system was designed to identify the best cryptocurrency exchanges in Canada based on factors important to Canadian crypto investors. Here are some of the factors we looked at:

• Regulation and security (20%): We emphasize platforms registered with bodies such as FINTRAC and the Canadian Securities Administrators (CSA). We also look at security measures such as two-factor authentication, cold storage for crypto assets, and a history of preventing hacks.
• Trading fees (20%): We consider fees for buying, selling, or trading cryptocurrencies. These include maker-taker and spread fees and other deposits or withdrawal charges. Our approach is to prefer transparent fee structures with competitive rates.
• Supported cryptocurrencies (15%): This process evaluates the choices available to investors who want to engage in trading activities. These range from popular choices like Bitcoin and Ethereum to newer altcoins.
• Ease of use (15%): This criterion examines how easily users can interact with the platform’s user interface and user experience (UI/UX). Factors such as intuitive design, simple navigation menus, mobile app availability, and ease of use for beginners contribute to this evaluation.
• Customer support (15%): We assess the quality and accessibility of customer support provided by each exchange. This includes response times, the variety of support channels available, such as live chat, phone, or email, and how helpful these support staff are generally.
• Additional features (15%): An exchange might have included other features to make it more attractive, in addition to a user-friendly interface. Examples include educational resources, staking rewards, referral programs, or useful integrations.

How we rate and review projects on our best crypto exchange in Canada list:

Each criterion is assigned a weightage based on its importance.

Data gathering involves official exchange websites, user reviews, and independent research.

We score each exchange on a scale for each criterion.

A final score is obtained by taking a weighted average of individual scores.

We also provide a detailed review of the strengths, weaknesses, and different investor profiles best suited to each platform.

FAQs